Help: Need Advice

[YLCorporation]

Hi. I live in Hamilton Ontario. I am currently unemployed. Money is tight right now. I have over 3 year of investing and banking experience.

I was wondering if anyone can provide me with advice. I have read many books on real estate investing for the past 10 years. I haven`t purchased anything yet. I am confused as to whose step and advice i should follow.

Some recommend i start off in residential houses while others recommend multi-residential. I am confused? Should i start off in residential or multi-residential.

I have been procrasting on real estate investing for 10 years because my career demand a bit and the hours were crazy.

Thanks

Lynn
[email protected]

 

[invst4profit]

Start with tri or 4plex. It qualifies as residential for financing and if you have one vacancy
it won`t bankrupt you like a single family could do.
Also you could live in one unit and renovate if necessary to increase value.
From your posts I would say you have a long way to go before you are ready to invest.
Buy Don`s Books they are the only ones you need.

 

[Nir]

Hi Lynn,

Greg`s advice is GREAT - both the book and a tri/4-plex.

I just wanted to add perhaps if you see the first property as a learning experience it will be easier for you to make a decision to purchase. It is not critical what type of property you purchase first, what is critical is that you purchase something (if you want to become a real estate investor) and you haven`t done that yet.

To clarify: definitely do your due diligence, ensure a positive cash flow etc.. but since you haven`t done a thing in 10 years just considered it, your first priority should be to purchase something that meets your system. There will be no price to the EXPERIENCE you`ll gain purchasing your first property. Set a timeline for yourself. How about committing to reading Don Campbell`s GREAT book "Real Estate Investing in Canada" within a month and purchasing a property by the end of this year?

Good luck,
Neil